Location, location, location is the national recipe for apartment buyers
Recent research by Australian Apartment Advocacy has found that owner occupiers and investors alike purchased their apartment based on its location (85% nationally) followed closely by proximity to public transport (55%) and in particular they liked their apartment because it was close to public transport (77%), close to shops (71%), restaurants (68%) and parks (58%).
This definitely highlights the fact that the proposed MetroNet model is reflective of the apartment community and their needs with the train station hubs needing to be more like a village adding greater convenience to apartment resident’s lifestyles and everyday routines.
When it came to what residents liked about their apartment security ranked the highest with 57% nationally and then resident parking at 52% - again consistent across all the states. And when asked what they liked about the apartment, low maintenance and floor plan ranked first at 57%, followed by the views 56% and the size of the rooms 49%.
And while it is assumed that downsizing maybe a key driver for moving into an apartment only 23% indicated that this was the case, with 37% stating they were seeking a property with less maintenance, indicating that moving into an apartment is not necessarily a lifecycle choice but rather a lifestyle one.
And why an apartment over a house? 78% nationally once again reinforced the need for security, followed by 75% quoting affordability and then 69% reinforcing the low maintenance and lock up and leave lifestyle.